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No reverse charge, E-way bill for this financial year, Relief from return filling also

Gst Council 22nd meeting update:

The following benefits for businessmen under GST regime

1. Turnover for composition scheme raised from – 75 Lakhs to? 1 crores.

2. E-way bill provisions deferred till April 2018.

3. Reverse charge to be abolished till 31.03.2018.

4. Quarterly returns for taxpayers with annual turnover less than ?1.5 crores. Tax to be paid on monthly basis.

5. Cloth pe tax reduced to 5% from 12%.

6. Restaurant Tax reduced to 12% from 18%

7. Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration

8. Kerala FM says in principle GST Council decides to bring down rate for AC restaurants to 12 percent; Govt to decide mechanism

9. J&K FM says “relief” has been provided wrt car leasing issue

10. GST on works contracts reduced to 5%

11. Relief for jewellers as no need to furnish PAN card on jewellery purchase of more than Rs 50,000

12. Tax rates reduced for more than 60 items

Next GST Council scheduled for November 10 in Assam.

 

Other details to be shared shortly, please visit GSTSEVA.COM for more updates.